Currently a fixed fee will be deducted from the mined coins with the Lifetime Contracts. Okay, but as we all know difficulty is not a nice thing, so sooner or later the amount of coins may not be sufficient to pay the fee. According to the contract, in such a case Genesis Mining may deduct a missed fee from later earnings. If that happens once then it's not quite a disaster, but what happens if the fee is structurally higher then the mined coins? Will the fees be lowered? Will the hashrate be set higher? Will GM keep on demanding fee money until the customer is in debt for life? Will the "life time" contract end? Anything else perhaps?

Can Genesis Mining make this subject a bit more clear, please?

Okay, I got a message from someone who couldn't post telling me (thank you!) the Terms have been changed a bit. An addition was made to make sure you don't dry up completely on an endless amount of fees:"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."If that makes you want to complain about Lifetime Contracts not being Lifetime, two things: 1, there's only thing in the entire universe that lasts a lifetime, and that's you. 2, Don't underestimate Genesis Mining, they have proven to be able to adapt to changing conditions, and they've proven to listen to their customers, so expect them to listen when things get rough

<||=||> Rule #1a: Never invest more then you can afford to lose. <||=||> Rule #1b: Never invest all you can afford to lose. <||=||> ............. Whenever someone idly claims a scam, a Bitcoin somewhere dies .............

Currently a fixed fee will be deducted from the mined coins with the Lifetime Contracts. Okay, but as we all know difficulty is not a nice thing, so sooner or later the amount of coins may not be sufficient to pay the fee. According to the contract, in such a case Genesis Mining may deduct a missed fee from later earnings. If that happens once then it's not quite a disaster, but what happens if the fee is structurally higher then the mined coins? Will the fees be lowered? Will the hashrate be set higher? Will GM keep on demanding fee money until the customer is in debt for life? Will the "life time" contract end? Anything else perhaps?

Can Genesis Mining make this subject a bit more clear, please?

Okay, I got a message from someone who couldn't post telling me (thank you!) the Terms have been changed a bit. An addition was made to make sure you don't dry up completely on an endless amount of fees:"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."If that makes you want to complain about Lifetime Contracts not being Lifetime, two things: 1, there's only thing in the entire universe that lasts a lifetime, and that's you. 2, Don't underestimate Genesis Mining, they have proven to be able to adapt to changing conditions, and they've proven to listen to their customers, so expect them to listen when things get rough

Currently a fixed fee will be deducted from the mined coins with the Lifetime Contracts. Okay, but as we all know difficulty is not a nice thing, so sooner or later the amount of coins may not be sufficient to pay the fee. According to the contract, in such a case Genesis Mining may deduct a missed fee from later earnings. If that happens once then it's not quite a disaster, but what happens if the fee is structurally higher then the mined coins? Will the fees be lowered? Will the hashrate be set higher? Will GM keep on demanding fee money until the customer is in debt for life? Will the "life time" contract end? Anything else perhaps?

Can Genesis Mining make this subject a bit more clear, please?

Okay, I got a message from someone who couldn't post telling me (thank you!) the Terms have been changed a bit. An addition was made to make sure you don't dry up completely on an endless amount of fees:"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."If that makes you want to complain about Lifetime Contracts not being Lifetime, two things: 1, there's only thing in the entire universe that lasts a lifetime, and that's you. 2, Don't underestimate Genesis Mining, they have proven to be able to adapt to changing conditions, and they've proven to listen to their customers, so expect them to listen when things get rough

Thank you Mike for pointing this out! We have added this passage explicitly to the terms to make clear that we will of course not charge the user in case the mined coins do not cover the fees anymore.

Users will mine as they always did and the contract ends in the most natural way - and that is, after there are no payouts coming anymore. Running the contract longer from then on obviously would not make any difference. Please don't get us wrong on this, but we only want the best for our clients and it's good to see that people know this.

Our legal team is working hard, but it is often not that easy to put everything in legally correct terms.

According to Coinwarz, the daily profit with Doge has really, and I mean has really gone down a lot, for example with 26 MH/s it reads that you will get 82cents a day compared to over 5 USD with LTC, this was mainly due to the difficulty shooting up with the ltc merge mining now.

Huge price change is interesting. How much BTC are people getting per day per MH? Thanks!

I am going to be posting videos on Youtube this week which will cover my daily payments as time goes on.

Keep an eye out for that.

I have purchased a 10Gh/s contract and a 1 MH/s contract with GM and will compare it with a competitors product.

To try and keep it as fair as possible it will be a like for like comparison.

A 10 GH/s contract and a 1 MH/s contract with the 1 MH/s contract costing the same as the Genesis Mining one.

I also purchased a slightly more expensive 1 MH/s contract but that was more to compare with the different products from the competitor rather to compare it with GM's product.

Will start posting from tomorrow as going to wait till both are giving out full day payments.

Ian.

This will be useful, looking forward for those videos.

Thanks Ellen, I am looking forward to doing them also.

I think it's going to be very interesting experiment which will show is GM is so good as many people thinks so, or not.IMO, GM has a low fee for such a good service but there might be some better h/p provider

Huge price change is interesting. How much BTC are people getting per day per MH? Thanks!

I am going to be posting videos on Youtube this week which will cover my daily payments with GM as time goes on.

Please watch the video I posted about Genesis Mining a few posts up and subscribe to the channel to get updates.

Ian.

This will be useful, looking forward for those videos.

Thanks Ellen, I am looking forward to doing them also.

I think it's going to be very interesting experiment which will show is GM is so good as many people thinks so, or not.IMO, GM has a low fee for such a good service but there might be some better h/p provider

I did do a video yesterday which focused mainly on the GM interface and some of its great features like allowing you to mine other coins and also to allocate a percentage of hashpower to each coin you mine.

But yes, like you say, it will be interesting. I will post the links when they start coming in and I would advise anyone to subscribe to that channel so that they will see updates. I will try and update it 2-3 times a week.

This is a perfect introduction for people who want to get started with the GM Interface!

Thanks Guys!

I only just saw your post, was buried in amongst all the rest. Whenever you update your interface or prices I will update too. The videos will get better though over time as well.

Thanks for your nice comments

Ian

Indeed, it's would be good intro to GM and may attract more people interested in mining coins without joining this unprofitable race for better gpu miner. Even cpu mining is not always profitable as the cost of electricity is high.

So, uh, what time is the daily payout occur?My order start date is 2014-09-14 and now is already in 2014-8-16 period. It said "Please be patient for your payout since they are only done once a day. Because you started in the middle of our 24-hour payout period your first payout is expected to be less than the following.", so I was expecting payout yesterday.

Don't expect a fixed time, varthshenon. They run a lot of checks also, so sometimes it takes longer then other days. In the past months they haven't missed a day though.

<||=||> Rule #1a: Never invest more then you can afford to lose. <||=||> Rule #1b: Never invest all you can afford to lose. <||=||> ............. Whenever someone idly claims a scam, a Bitcoin somewhere dies .............

I did watch and test serveral cloud mining possibilites over the last months. Last friday I decided to go with genesis-mining and bought my first contract and did send the money by bank wire transfer. Today, it already went online. This was faster than expectet. I am very excited and will post updates from time to time.